EDIT 10/03/06

PLEASE READ OTHER MEMBER'S POSTS BEFORE POSTING YOUR QUESTIONS. YOUR ANSWER ALREADY MAY BE POSTED.

THANKS!


Thanks jenjenyaj!!

Wow this is perfect thank you! Heres my question:
I'm thinking of working in a part time job during school that is outside of school, but I was wondering if doing so would lower my financial aid package next year. Would it be lowered to the point where I would just basically be working for the same amount of financial aid. Like I would be needlessly working and have to use all the money I'm getting from work towards my college bill.

Depends what you are getting. If you are receiving grants based on your EFC(expected family contribution) such as PELL grant, then any additional income may effect the amount of the award. I'm assuming that you're a dependant student and living with your parents.
Regarding loans, it should not affect the amount that you are eligible already.

For example, Federal stafford loans has a limit for each grade level.

Maximum as of 08/18/2006
Federal Stafford Loan(Subsidized)
Freshman standing: $2625
Sophmore standing: $3500
Junior Standing: $5500
Senior Standing: $5500

Federal Stafford Loan (Unsubsidized)
Freshman standing: $4000
Sophmore standing: $4000
Junior Standing: $5000
Senior Standing: $5000

Maximum allowed for each loan is $23,000 (combined $46,000).

Good luck

Just curious, I received my financial aide reward for 06 fall-07 spring. And This year my parents goy divorced around July, so im just wondering who info should I use when apply for financial aid again(im assuming my mom cause I live with her and my dad moved out).

If you filed the 06-07 FAFSA already and have a SAR (student aid report), then you cannot change the marital status for this award year. So I think basically you're stuck with the high EFC. It's difficult to get grants the way it's set up now. You have to be practically starving or have bazillion kids.

Well we have to fill one out again for 07-08 right? Because that is what im concerned about, I received all the money I need for 06-07 but im worried about 07-08 when applying for aid again right?? Im kinda confusing myself here as well.

Well my situation is that I have a full tuition scholarship and I'm poor. So yes I get the tap and pell grant, and I haven't taken out any loans. I'm just wondering if I start working does that mean less of a pell grant? I don't want to be working for the same amount I would be getting anyway, or would my income have to exceed a certain level for them to completely remove my pell grant?

Yes you have to fill out a fafsa every year. The current FAFSA is good from July 1st to June 30th. When you fill out the 07-08, it will determine the financial need from last year's tax forms as well as your personal assets and investments.
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Well my situation is that I have a full tuition scholarship and I'm poor. So yes I get the tap and pell grant, and I haven't taken out any loans. I'm just wondering if I start working does that mean less of a pell grant? I don't want to be working for the same amount I would be getting anyway, or would my income have to exceed a certain level for them to completely remove my pell grant?


It varies in some cases. For example, a student's EFC must be 0 if they want to receive full pell grant. An independant student making over 20,000 will have a EFC higher than a zero. But lets say that someone is making $10,000 a year and decides to work extra and makes $15,000. Since his total income does not exceed $20k, he will still have an EFC of 0, which means he'll still get the pell grant. But if a student was making $18,000 and now makes $23,000 , then his EFC will be 3000, and it will cut the pell grant by that much.

how many years of financial aid can you receive if your major coursework requires more than 4 years of completion? does aid end after 4 years or can you still receive some help from the government while you are still working towards your BS when the 4 yr time expired?

thanks for answering

For federal aid, as long as you're an undergrad and have not exceeded the maximum amount, you should be able to keep receiving aid. For the maximum federal stafford loan amount, refer to my previous post.

man, i just know i need financial aid, but i don't know where to start. i dind't get ANY aid this year. my mom is becoming a single parent soon, and she doesn't has a job yet, but we do own 3 properties.

i have a question regarding work study.
i recieved a pell grant(and the academic competitiveness grant with it) and i wasn't eligible for work study(that i know of).
yet i know a many people that do qualify for work study. what do i need to be eligible?
too late for 2006-2007 school year, but possibly next year

When you say you did not get any, does that mean you did not get any grants? Because Federal Loan is considered a financial aid. No matter how much your parents made, you should still be receiving some aid. Regarding your question about your mom, the 3 properties may kill the grant possibilities.

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i have a question regarding work study.
i recieved a pell grant(and the academic competitiveness grant with it) and i wasn't eligible for work study(that i know of).
yet i know a many people that do qualify for work study. what do i need to be eligible?
too late for 2006-2007 school year, but possibly next year

When you say many people, do they attend the same school as you? Also, there is a question in FAFSA where it asks "are you interested in work-study?". If you answered NO, then you will not receive any work study options. It's NOT too late to file or revise your 2006-2007 FAFSA. If you haven't done it, or need to change it, do it ASAP.

Hope that helps.

I have a question...Would you recommend accepting the PLUS loan that's offered or going out to a bank like Bank of America and getting a student loan? Which one would be better/easier to pay off? I didn't get much financial aid, so I'm depending on loans a lot.

thanks so much for the info.
i just changed it right now, but i have another question.i've recieved various student grants, pell grants, and the ACG award, will have changing the work study option to 'yes' affect any of that?
i turned in my fafsa on march 1st of 2006. my EFC is still the same after i changed the work study option.

EFC doesn't rely on work study. EFC relies on how much you made the previous year (in this case 2005), as well as your assets and investments.

in order to recieve fiancial aid, how much do your parents have to make? income wise..?

Financial aid as in "free money?" Your EFC should be lower than 5000.

delete this post. wrong reply

I feel very embarrass to go to the finacial aid office because it seem like the people there look down on you just because you received financial aid. I also think that professors look down on students just because they're poor..................some even say stuffs like.........this such program can help you such and such if you're income is such and such.........I would recommand it to you...........blah, blah, blah.....and they say it in a very mean way although they may not realize it..........sometimes it hurts my feeling...........seriously

Hmm...I totally understand what you mean. Usually when I meet with students or parents, I try to make them feel comfortable. Your income is a very touchy subject that most people don't even share with their friends. I hope that you're not too discouraged because in the end, it's there to help you. If this makes you feel better, I had a student looking for financial aid when his parents made over $1,000,000.00 in income . So it's not just poor people who receives aid.

In fact, I had an independant student who made $15,000 a year and the government said he made too much money for grants. Yet there was this dependant girl who was dressed in very expensive clothes, and parents looked super rich, but they claimed a "business loss" in their taxes, so they received mucho grants. Life just doesn't seem fair sometimes.

When you say it's not too late to file for 2006-2007, does that mean I can file and get a response before spring 2007?

You're such a great help.

so it's still not too late to make corrections and all that right? because i've been missing some paper works and still am gathering them from my parents and all. it's not too late to still turn it in right? thank you brandonbkim

Yes! If you file correctly and completely on the web, you should receive your results in 3-5 business days
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so it's still not too late to make corrections and all that right? because i've been missing some paper works and still am gathering them from my parents and all. it's not too late to still turn it in right? thank you brandonbkim

No it is not late, but you should work quickly. Depending on how lazy your financial aid advisors are, it can take weeks or even monthes before they process it.

I was wondering what might be the maximum amount I can make per year as a dependent student without affecting the EFC and the Pell Grant distribution.

Unfortunately, everything you make will effect the EFC. If you are an independant student, as long as your income is under 13,000, your efc should be 0.

whens the next time i can apply for fasfa? since im not getting any aid fall 06.\

also, when my dad files his taxes, the last time, it turned out he lost money, so that helps with aid right?

i have a question regarding a program called the educational assistance council... is it a legit organization? ive been told to avoid organizations which tell you to pay a fee for their services and you've gotta pay $75 for this particular one, which is what's making me wary. ive googled it and gotten mixed results.. some say it's really good and that you cant get the scholarships, financial aid etc they find for you anywhere else, others say you can do it for free like on fastweb.com or something.. have you ever hrd if it? i js wanna make sure so i dont "miss an opportunity" or something if i dont fill it out.

this might be a silly question..i recently opened up a 401k acct..is it considered an income/asset?
when i fill out my fafsa for next year-do i have to report my 401k?

what if you're a dependent student? how much can i make for my entire family's efc to be 0?

Yea, I got loans, but I have to pay off loans right?
well, my mom owns 3 properties, but one of which is our own house. so 2 other ones (excluding house)

if my parents are divorced, do you think i'll have a higher chance of getting a grant?

is it true students only get four years of financial aid??? (no loans but grants)

is it true that if you have saving accounts or like money in your bank accounts that it affects how much financial aid you get??

You can fill out the fafsa as soon as you get your 2006 tax returns.
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i have a question regarding a program called the educational assistance council... is it a legit organization? ive been told to avoid organizations which tell you to pay a fee for their services and you've gotta pay $75 for this particular one, which is what's making me wary. ive googled it and gotten mixed results.. some say it's really good and that you cant get the scholarships, financial aid etc they find for you anywhere else, others say you can do it for free like on fastweb.com or something.. have you ever hrd if it?

From what you're telling me, I think you should avoid it. There are many scammers out there, I think it's almost like buying a raffle ticket.

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this might be a silly question..i recently opened up a 401k acct..is it considered an income/asset?
when i fill out my fafsa for next year-do i have to report my 401k?

If it's not a significat amount, you can just put 0.

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Unfortunately, everything you make will effect the EFC. If you are an independant student, as long as your income is under 13,000, your efc should be 0.



what if you're a dependent student? how much can i make for my entire family's efc to be 0?

Depends on how many people are in your household. If you have a lotta people, then you can have $40,000 and still have an EFC of 0.

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Yea, I got loans, but I have to pay off loans right?
well, my mom owns 3 properties, but one of which is our own house. so 2 other ones (excluding house)

if my parents are divorced, do you think i'll have a higher chance of getting a grant?

The house that you're living in does not count as an investment. The other two will count. Regarding the grant, it really depends how much your mom is going to make. They even count child support too.

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is it true students only get four years of financial aid??? (no loans but grants)

I think I already answered this question, it really doesn't matter if you're a 4th year or 5th. THere's just a maximum amount per certain loan and probably no limit for most grants.

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is it true that if you have saving accounts or like money in your bank accounts that it affects how much financial aid you get??

Yes it does. FAFSA has a question asking you what's your total amount that is in your checking/savings account. But unless it's a significant amount (10,000+), it shouldn't hurt you too much. If you wanna be safe, then have 5000 or lower.

who can live on 13,000?

Is it hard to recieve grants for medical school?

if you already submitted your fafsa as a dependent student is there ne way u can change it to independent status? cuz my parents recently bought a house and they cant meet the efc nemore

I think the only grants there are in medical school is the institutional grants, which means grants within the school.

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if you already submitted your fafsa as a dependent student is there ne way u can change it to independent status? cuz my parents recently bought a house and they cant meet the efc nemore

If you can answer yes to one of the following questions, then you will be considered independant.

1) Were you born before 01/01/83?
2) Will you be working on a master's aor doctorate program at the beginning of the 2006-2007 school year?
3) As of today are you married?
4) DO you have children who receive more than half of their support from you?
5) DO you have dependants (other than your children or spouse) that receives more than half of their support from you?
6) Are both of your parents deceased?
7) Are you a ward of the court?
8) Are you a veteran of the U.S. Armed Forces?

If you cannot answer yes to any of this, there's no way around being a dependant student.

I just recently found a HUGE mistake in my financial aid which would have had me get a lot more financial aid.

I just fixed it, but would I still be able to recieve more financial aid? Or is the reasons for corrections just for the federal gov'ts own personal records?

im really worried!

i recently received the paperwork for what my financial aid would be... the thing was they didnt include my cal grant.. (i recently transferred from PCC to UCLA..) also my little brother who goes to PCC hasnt received his cal grants either (though he did get a letter about his other grants.)... what should i do to get that fixed? THANK YOU

FAFSA has gave me loans and grants but I still got some leftofter. Can you recommend private student loans that you can pay off after graduation?

Yes you are eligible to receive the corrected amount. Make sure you go to your advisors and notify them the changes that you've made.
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i recently received the paperwork for what my financial aid would be... the thing was they didnt include my cal grant.. (i recently transferred from PCC to UCLA..) also my little brother who goes to PCC hasnt received his cal grants either (though he did get a letter about his other grants.)... what should i do to get that fixed? THANK YOU

With that, you're going to have to talk with your advisor directly. It could have been a mistake, or maybe they were not supposed to give you the grant in the first place.

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FAFSA has gave me loans and grants but I still got some leftofter. Can you recommend private student loans that you can pay off after graduation?

I really hate private loans, but if you must take it, try to shop around for the best interest rates. Most of the private loans are to be paid off after graduation. However, the interest rates can be insane. Try to find one that is under 10%. You can try Sallie Mae, Wells Fargo, Fannie Mae etc. I personally hate them all.

FAFSA didn't sent my college any financial ain information -- so all I can do is wait now? The college already requested it for one whole week but nothing as of today.. does that mean I don't pay the college until they settle this? I dunno whats going on!

If you did not get anything back, that is not a good sign. You may have a C-code that's blocking your process. Go to fafsa's website and see if you have it, and if you do, clear it asap. Usually college will not wait for the fafsa to clear, and they may suspend your account.

If i were to start a part time job would that change my EFC.

i got a stafford loan and a grant for this upcoming school year, but i still need a lot more help! (around $5000) i dont want a private loan since the interest rates are crazy.. and i dont like the sound of the plus loan. do you know of any other places/banks that are trustworthy of giving out good student loans? thank you!

Hi, I was wondering if you have a family of 5 what is the max income have to be for your efc to be 0.
Thanks

Depends what you're making right now. If you are an independant student, and weren't making anything, it probably won't. But if you're a dependant student, most likely it will effect it.

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i got a stafford loan and a grant for this upcoming school year, but i still need a lot more help! (around $5000) i dont want a private loan since the interest rates are crazy.. and i dont like the sound of the plus loan. do you know of any other places/banks that are trustworthy of giving out good student loans? thank you!

The thing is, even the stafford loans have high interest now. It was to be 5.3% last year, and it jumped to around 7%. PLUS loan is at 9% right now, and the downfall of that is you have to start paying them off 6 month after you start school as well as it's under your parents. There really aren't too many options out there. See if you can get a perkins loan. If not, you probably should go with the PLUS loan, but make sure you can make the payments. Private loans can go up to 18% interest But the trade off is that you don't have to start paying until after you graduate.

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Hi, I was wondering if you have a family of 5 what is the max income have to be for your efc to be 0.
Thanks

It's hard to say. There are many variables that are taken into account. For example, if there are more than one family member attending college, that will effect the EFC as well. If your parents are making over 50,000, you may not be able to receive any grants.

So if more ppl in the family are going to college will it affect the efc in a good way or no. Say if two ppl are going to college one freshmen and the other sophmore does that mean anything. Also does it matter that only one parent is working for it to affect the how much grant you will recieve? I was wondering if you could claim indepent one year and say womething just went wrong and the next your parents claimed you again, is that possible or no sorry if this a dumb question. thank you

Even if you claim yourself on the taxes, if you cannot answer yes to the questions I listed earlier, you are still considered dependant in the eyes of the Dept. or Ed. The number of family members in college has a small effect on the EFC.
It does not matter if one parent or both parents are working. The only thing that matters is the combined income in the household.